TRON founder Justin Sun has been in the news recently through a number of events. Most famously, perhaps, the recent Tesla giveaway debacle raised the ire of the cryptocurrency community and may well have backfired against its original intention.However, the famous founder has also encountered a host of positive news bites regarding his blockchain platform TRON. Most recently, the company announced a partnership with Opera, the streamlined web browser of choice in much of Asia.Opera singsThe connection with Opera is a major boon for TRON. Already boasting a stunning 300 million users, Opera is a fast-rising browser alternative to the less secure and less private Chrome or Safari. Further, their platform is dedicated to making Web 3 more user-friendly and easy to control.The company has also made strong movements toward the cryptocurrency faithful. The browser already supports ETH and ERC tokens, making it the first web browser with a substantial user base to offer peer-to-peer cryptocurrency payments.This move to partner with TRON continues the existing direction of the company. In fact, over the next year, their intention is to add as many as twelve new blockchain supports to the browser, increasing user functionality and control. Krystian Kolondra, EVP at Opera and Head of Browsers recently said,“TRON is a popular, quickly developing blockchain with a swiftly growing dApp ecosystem. We are happy to open our browser to it. By opening products to multiple blockchains, we are accelerating the mainstream adoption of Web 3.”TRON’s winThe news is a major win for Sun and TRON. By offering cryptocurrency wallet exposer for TRON to its massive user base, the company will undoubtedly gain increased user awareness and support for its system.The connection also allows Opera users to access the TRON blockchain, and to run dApps from the blockchain directly. This functionality further links the company to a wider user base. Per Sun, “We are excited that Opera, a mainstream browser with hundreds of millions of users, will now seamlessly support TRX and other TRON tokens. Soon, Opera users will be able to use dApps on the TRON blockchain.”Already a major player in the industry, TRON may need to further increase its user base to maintain competition with Ethereum and Binance, both of which have dramatically larger communities. Binance, in particular, represents a movement of the community away from Ethereum as a dApp choice. Battling these two platforms will require increasingly creative methods.Opera is also ramping up a release of their crypto wallet for iOS users. The massive iPhone market is not yet tapped by Opera or TRON, but the connection would allow iOS users to utilize the TRON blockchain. While Apple’s recent sufferings under the supreme court have slowed the juggernaut, the company still boasts the highest user base in countries with large GDP. The connection would put TRON into the market with crypto’s highest-end users.The cooperation with Opera and TRON appears to be a true win-win. With both companies gaining substantial benefits, the link should result in strong growth potential for both. As crypto continues to gain adoption, access points for large audiences will be key.
Archives for May 15, 2019
By CCN: Most of the Baltimore City’s government systems have been locked down since May 7th as a result of the “Robbinhood” ransomware attack.
The successful crypto locking has forced the city to go “manual” in most aspects of its daily business and has affected several areas of life. For example, people are unable to buy and sell real estate within the city right now because the records cannot be accessed or filed.
Baltimore Refuses to Negotiate with Hackers
Incoming mayor Mayor Bernard “Jack” Young, who replaces disgraced Catherine Pugh, insists the city will not pay the roughly 13 bitcoins demanded by the attackers. Some cities end up spending a lot more money by not paying the ransom, and in the case of Baltimore, a major metropolitan city with over 600,000 residents, the cost is amplified.
Everything from the city’s police systems to its online property tax portal is down.
Of course, governments operated long before computer systems. City departments are finding ways to work while the systems are down.
Fortunately, unlike the attack Baltimore suffered last year, the 911 and associated dispatching systems are still operational. Emergency services are of particular importance in Baltimore, whose opiate crisis is well-documented.
Speaking of which, a system the city developed to alert people to high-overdose areas is currently non-operational. Additionally, crime statistics and other public information aren’t being updated on the city’s open data website.
One of the Most Extensive Ransomware Attacks Ever
Overshadowed by other major business news, such as trade war tensions with China and a mighty performance of cryptocurrencies, the attack has been underreported in the crypto press. Nevertheless, it is one of the most extensive attacks in history, affecting nearly every important aspect of city life.
Baltimore City’s budget for 2019 included $2 million for upgrading the city’s “storage systems.” Now those systems have suffered irreparable harm, and without sufficient back-up systems in place, a great deal of data could be lost.
The ransomware attack has shut down systems essential for completing home sales, halting property deals in Baltimore during one of the busiest times of the year. https://t.co/znfzgXyJvJ
— The Baltimore Sun (@baltimoresun) May 14, 2019
The anonymous hackers who infected Baltimore’s systems are using one of the latest Ransomware breeds, called Robbinhood. Apparently the cost to unlock the network will increase every ten days.
No one is sure how Robbinhood came into the system. Reportedly, the attackers have taken to Twitter to release some of the usernames and passwords uncovered during their strike. The unknown hackers, who are being investigated by the FBI, wrote in their ransom note:
“We’ve watching you for days and we’ve worked on your systems to gain full access to your company and bypass all of your protections.”
Ransomware may be making a comeback with Robbinhood, which cleanly shuts down the majority of Windows’ services and then proceeds to encrypt the entire system. The Boston Public Defenders Agency were compromised earlier this year, and similarly decided not to pay since they had back-ups – which took weeks to restore.
The total crypto market cap surged further and tested the key $250.0B resistance level.Bitcoin price is currently consolidating above the $8,000 and $8,100 support levels.Bitcoin cash price surged above the $400 and $425 resistance levels.EOS price is up more than 10% and it recently cleared the key $6.50 barrier.Stellar (XLM) price rallied more than 25% and broke many hurdles near $0.1300 and $0.1400.Tron (TRX) also joined the party and broke the key $0.0250 and $0.0300 resistance levels.The crypto market cap surged above $250.0B, with gains in major altcoins and bitcoin (BTC). Many coins like Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) rallied significantly.Bitcoin Cash Price AnalysisBitcoin cash price corrected lower yesterday and tested the $380 and $385 support levels against the US Dollar. A support base was formed and the BCH/USD pair started a fresh increase above the $395 and $400 resistance levels. The upward move was strong as the price even broke the $425 resistance.The price traded close to the $435 level and it is currently consolidating gains near $430. An initial support is at $425, below which the price may perhaps correct towards the $410 support area.Stellar (XLM), EOS and Tron (TRX) Price AnalysisEOS price is up more than 10% today and it recently broke a few important resistances near the $6.50 and $6.60 levels. The price gained pace above $6.70 and it seems like it could continue to rise towards the main $7.00 resistance area.Stellar price performed realty well and it gained more than 25% recently. XLM price broke the main $0.1200 and $0.1300 resistance levels to start a significant uptrend. The upward move was such that the price even broke the $0.1500 barrier. The next key resistances are near $0.1550 and $0.1600.Tron price also started a decent upward move after it broke the key $0.0250 resistance. TRX price is up more than 12% and it climbed above the $0.0300 resistance. The next key resistance for the bulls is near the $0.0340 level.Looking at the total cryptocurrency market cap hourly chart, there were steady gains above the $220.0B and $225.0B resistance levels. The upward move was such that the price market cap even broke the $250.0B level (as discussed in yesterday’s analysis). The current structure is positive and suggests more upsides above the $250.0B and $255.0B levels in the coming sessions. On the downside, the main support for the bulls is near the $245.0B and $242.0B levels. Overall, the crypto market is clearly in a strong uptrend and there could be more gains in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins.
Ripple price extended its rally above the $0.4500 and $0.4700 resistances against the US dollar.The price tested the $0.4800 area and it looks set to extend gains above $0.5000.Yesterday’s highlighted important ascending channel is intact with support near $0.4390 on the hourly chart of the XRP/USD pair (data source from Kraken).There were sharp gains in Ethereum above $250 and $260, opening the doors for $300.Ripple price started a significant upward move against the US Dollar and bitcoin. XRP broke $0.4750 and it looks set to surpass $0.5000 or even $0.5200 in the near term.Ripple Price AnalysisIn the past few sessions, ripple price gained a strong bullish momentum above the $0.4200 resistance against the US Dollar. The XRP/USD pair surged above the $0.4400 and $0.4500 resistance levels to register more than 15% gains. The upward move was such that the price even broke the $0.4750 resistance and the price is now trading well above the 100 hourly simple moving average. A swing high is formed at $0.4802 and the price remains elevated above the $0.4700 level.An initial support is near the $0.4670 level. It coincides with the 23.6% Fib retracement level of the recent wave from the $0.4262 low to $0.4802 high. If there is a downside extension, the price could test the $0.4540 or $0.4520 support levels. The 50% Fib retracement level of the recent wave from the $0.4262 low to $0.4802 high is also near $0.4532 to act as a strong support for the bulls. More importantly, yesterday’s highlighted important ascending channel is intact with support near $0.4390 on the hourly chart of the XRP/USD pair.Therefore, dips remains well supported near $0.4540 and $0.4400 in the near term. On the upside, a break above the channel resistance and $0.4810 is likely to set the pace for more gains. An immediate resistance could be $0.4920, above which the price is likely to test the main $0.5000 barrier. Any further gains may perhaps clear the path for a push towards the $0.5200 level.Looking at the chart, ripple price is following a strong uptrend above the $0.4400 and $0.4500 support. It seems like the price is readying for the next leg above the $0.4850 and $0.4920. If there is a downside correction, the bulls are likely to buy aggressively near the $0.4540 and $0.4520 support levels.Technical IndicatorsHourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone, with strong positive signs.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 70 level and it is likely climbing towards 80.Major Support Levels – $0.4540, $0.4520 and $0.4400.Major Resistance Levels – $0.4810, $0.4920 and $0.5000.
By CCN: Another day, another new high for the bitcoin price. Bitcoin is currently trading at nearly $8,300, which according to CoinMarketCap data is a new 2019 high for the biggest cryptocurrency. On Coinbase, the BTC price already attained $8,300 though it has pulled back slightly. While it’s not the first time that the bitcoin price has surpassed this level historically, the market has stronger fundamentals fueling the gains this time around.
The excitement in the crypto community is palpable. Gemini Co-Founder Tyler Winklevoss noted that “breaking 8k this time feels a lot different than the last time.”
Bitcoin breaking 8k this time feels lot different than the last time. So much progress has been made since then and it’s only the bottom of the first inning! 🚀👍
— Tyler Winklevoss (@tylerwinklevoss) May 16, 2019
Trader and analyst Luke Martin noted that bitcoin reaching new highs “never gets old.”
$BTC making new 2019 highs. It could happen every day for the rest of the year and it would never get old.
— Luke Martin (@VentureCoinist) May 16, 2019
Finally! Bitcoin Price Is Trading on Good News
One of the frustrating themes of 2018 was that the BTC price ignored signs that the industry was becoming stronger as developers kept “buidling.” 2019 is a completely different story. Now that bitcoin is barreling toward $10,000, Fundstrat’s Tom Lee suggested that it is more likely to capture the attention of traditional investors outside of the crypto space. He told CNBC:
“That’s really important because bringing in that new interest into managed crypto can really push bitcoin to its all-time high.”
#Bitcoin YTD >100%
If a family office/institutional investor had 2% #crypto allocation (tiny)…
Bitcoin would have added 200bp to the overall portfolio return.
— Thomas Lee (@fundstrat) May 13, 2019
No Shortage of Catalysts
There are plenty of reasons for the bitcoin bulls to be out in full force. As Fundstrat’s Lee told CNBC, the BTC price has been rising steadily since November 2018. But in recent weeks, the gains have become “more parabolic” in nature. The stars have aligned for the bitcoin price for several reasons, not the least of which involves geopolitical tensions unfolding between the U.S. and China. Not only have these conditions made bitcoin look better than ever to investors because of its uncorrelated nature to stocks, but bitcoin has become the “safe haven” investment, according to Morgan Creek Digital Co-Founder Anthony Pompliano. He tweeted:
“JPMorgan is telling people that the trade war between the U.S. and China could boost safe-haven currencies. Bitcoin is the best safe haven currency in the world. Nervous about global chaos? Buy the strongest non-sovereign currency.”
JP Morgan is telling people that the trade war between the US and China could boost safe haven currencies.
Bitcoin is the best safe haven currency in the world.
Nervous about global chaos??
Buy the strongest non-sovereign currency.
— Pomp 🌪 (@APompliano) May 15, 2019
There’s no shortage of catalysts, really. Regulated BTC futures exchange Bakkt has provided greater clarity on its imminent launch, which will likely unlock institutional capital from the sidelines. And crypto exchange Gemini has thrust bitcoin into the spotlight by making it possible for thousands of merchants to accept the cryptocurrency as a form of payment. While investors may be grappling with sell in May and going away in the stock market, bitcoin it seems is just getting started.
ETH price surged higher and broke the key $240 and $250 resistance levels against the US Dollar.The price is up more than 20% and it recently tested the $270 resistance level.There is a new key bullish trend line forming with support near $244 on the hourly chart of ETH/USD (data feed via Kraken).The pair is following a strong uptrend and it seems like the price could even surge towards $300.Ethereum price surged significantly towards $270 versus the US Dollar, and jumped sharply vs bitcoin. ETH is in a major bull run and it seems like the price might even hit $300.Ethereum Price AnalysisYesterday, we saw a sharp increase in Ethereum price above $220 resistance against the US Dollar. The ETH/USD pair gained pace above the $225 resistance and rallied above the second target discussed this week. It broke the key $240 and $250 resistance levels to move further into a positive zone. The uptrend was such that the price gained more than 20% and even tested the $270 level. The price is currently well above the $260 level and placed nicely above the 100 hourly simple moving average.A swing high is formed at $270 and the price is still showing a lot of positive signs. If there is a downside correction, an immediate support is at $262. It represents the 23.6% Fib retracement level of the recent surge from the $237 swing low to $270 high. If there is an extended downside correction, the price could test the $254 support level. The 50% Fib retracement level of the recent surge from the $237 swing low to $270 high is also near the $254 support. Besides, there is a new key bullish trend line forming with support near $244 on the hourly chart of ETH/USD.Therefore, if the price corrects lower, it is likely to find a lot of buyers near the $262 or $254 support. On the upside, the $270 level is an immediate resistance. If there is an upside break above $270, the price could rally towards the $285 level. However, the main target for the bulls could be $300 in the coming sessions.Looking at the chart, Ethereum price is clearly surging and it is likely to break the $270 resistance level. The next few hours could be important as the price is likely to trade in a range before it climbs above $270 and $275.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is currently placed heavily in the bullish zone.Hourly RSI – The RSI for ETH/USD is now in the overbought zone, with no major correction signal.Major Support Level – $254Major Resistance Level – $285
By CCN: With the bitcoin price trading above $8,000 once again, the mainstream financial media has once again taken an interest in cryptocurrencies. ShapeShift CEO and Founder Erik Voorhees was featured in an interview with Bloomberg where he confronted the bitcoin bubble debate and regulation. While the ecosystem is evolving since Voorhees first entered the space, as evidenced by regulators now participating in industry events, Voorhees isn’t uncomfortable with the direction in which it’s going.
“I want crypto to be a big tent. I want the whole world to be using it. And most of the world doesn’t think like I do. So I’m glad to see people of diverse opinions starting to use this stuff. I’m glad that people are building out in different directions. And I think ultimately that makes it stronger and more resilient.”
— Erik Voorhees (@ErikVoorhees) May 14, 2019
Shocking: Erik Voorhees Says Bitcoin Bubbles Are Inevitable
The ShapeShift CEO is an early “bitcoin believer” who as the Bloomberg host pointed out has been supporting the industry since 2011. Given his history with crypto, he’s seen bitcoin bubbles come and go, so the volatility in the price is not shocking to him.
“There have to be bubbles in crypto because crypto is taking over the world, and it’s not going to just advance 5% a month without end. If it did that, people would start buying it up and frontrunning it and turning it into a bubble. So there’s no way to go from a zero dollar asset to one that is worth trillions without…massive speculation and massive volatility and cyclical bubbles.”
KYC Transition Has Been ‘Rough’
ShapeShift is still dealing with the fallout from a controversial move related to know-your-customer standards. Considering that KYC laws require users to register their real identities, this change clearly doesn’t jive with ShapeShift customers who previously had more privacy. Voorhees still believes in financial privacy, but it remains what he describes a “minority position.”
Voorhees tried to pass off the need for more information as part of a membership loyalty program. It offers rewards, such as discounts and higher transaction limits, to users completing KYC.
When asked how that is working out, Voorhees simply said:
“It’s been rough. Ultimately we built a model meant to encourage user privacy. We think that people have a right to financial privacy. And it also just made it less friction so people would arrive at the site and convert one asset for another.”
He compared the early ShapeShift to going to the airport “where you can walk up with your euros and turn them to dollars and they don’t ask you for ID there either.” ShapeShift was designed to be “useful and simple for people,” so the integration of KYC was a “difficult change.”
As the leading crypto by market cap dusts itself off and picks itself up following an 85% fall over the last two years, bullish sentiment and exuberance are once again surrounding Bitcoin and the rest of the crypto market.
By CCN: Bitcoin must have been struck by lightning – the Lightning Network. That’s what some crypto observers are saying is behind bitcoin’s price surge.
As part of its blockchain Week coverage, CNBC has hosted a series of crypto players to analyze what’s going on in the suddenly-roaring industry. Bob Iaccino, the chief market strategist at Path Trading Partners, joined the discussion on Wednesday to explain what’s behind the bitcoin price doubling so far this year.
Bitcoin Price Rally Spurred by Lightning Network: Futures Trader
CNBC reporter Seema Mody said “two large crypto trading desks” told her that traders who bought in 2016 and sold in 2018 have returned to the crypto market this year.
— CNBC Futures Now (@CNBCFuturesNow) May 15, 2019
She asked Iaccino if he’d seen the same, and he said:
“Well it’s entirely possible. I don’t have any more direct insight, me being more of a futures and equities guy, as to who’s actually doing the buying. I do believe I know part of the reason why, and that has to do with the inception and application of software called the Lightning Network.”
Lighting The Path To Mass Adoption
The Lightning Network, as CCN reported, is a second-layer scaling technology that developers believe will allow bitcoin and other cryptocurrencies to scale far beyond their on-chain capabilities. By moving transactions off-chain, Lightning allows users to transact virtually instantly, anonymously, and at very little cost.
Iaccino went on to say that that the network “actually makes small transactions a lot easier for those who hold bitcoin.”
“Where you look at Visa, who can transact 65,000 transactions per second, bitcoin’s [prior level] was about seven, and now with the implementation of the Lightning Network you can actually get these smaller transactions off the blockchain network, making adoptability of bitcoin as a currency a lot easier.”
But while the Lightning Network continues to see progress, it’s far from ready for mainstream adoption. Moreover, there’s little evidence that advances in this technology have anything to do with the current price rally.
One way or another, though, the bitcoin price continues to soar.
Now that Bitcoin has begun to cool off from its bullish rally from yearly bear market lows, as the price of the leading cryptocurrency stabilizes and consolidates, the pause presents an opportunity for altcoins such as Ethereum and Ripple, to recover ground lost to Bitcoin on each trading pair’s ratio.As most altcoins have reached a historic average drawdown, and all signs are pointing to an altcoin season on the horizon as profit from Bitcoin is taken and invested into other cryptocurrencies for additional returns. Those who lived through past altcoin and Bitcoin bear cycles are sharing their past learnings with the crypto community, offering up tips on how to maximize profits during the next alt season.Bitcoin Analyst: How to Spot an Alt-Season Before it BeginsFollowing Bitcoin’s highly-publicized, media-fueled frenzy at the tail end of the 2017 crypto market bull run, the entire crypto market and all of its individual cryptocurrencies feel in value, ranging from 85% to 99.9% in losses.Related Reading | Altcoin Trader: Alt Bitcoin Bear Cycle Almost Over, 600% Gains During Bull Cycle ExpectedAs these cryptocurrencies have found their bottom in terms of USD, a short-lived alt season had materialized in early 2019 that saw many altcoins doubling in USD value. Most altcoins had outperformed Bitcoin, especially Litecoin which appeared to lead the crypto rally ahead of its halving. The tightly correlated relationship between altcoins and Bitcoin helped carry Bitcoin out of the depths of the bear market to the current highs.However, following Bitcoin breaking above $4,200, altcoins began an inverse correlation with Bitcoin, instead falling in value relative to BTC while Bitcoin soared, only further growing Bitcoin dominance.#ALTSEASON Checklist:1. #Bitcoin rallies ✅2. Money begins to flow from $BTC to Large Caps like #Ethereum ✅3. $ETH breaks above 200 EMA (i.e long term gauge of investor sentiment) ✅4. Decline in Bitcoin Dominance⏱️5. Money flow from Large Caps to Mid Caps & Low Caps⏱️— Rekt Capital (@rektcapital) May 14, 2019A break in Bitcoin dominance is the 4th signal in one cryptocurrency analyst’s checklist for the conditions to create an alt season. This step happens after Bitcoin rallies, and money begins to flow into large cap altcoins like Ethereum and Ripple – the number two and three cryptos respectively.After Ethereum breaks above the 200 EMA, which happened in recent days, that fall in Bitcoin dominance should begin. That’s when money will begin to flow from large caps to mid- and low-cap altcoins.Knowing this order of events and flow of capital from Bitcoin into large caps, then into mid- and low-caps can be added to any trading strategy to maximize profits.Remember to Realize Profits on Crypto Gains During Bull RunsShould crypto traders find themselves in the midst of a full blown alt season, crypto analyst Panama Crypto suggests taking profits on the way up, while also leaving a “moon bag” reserved for the off chance one crypto significantly takes off.Things I wish I knew last altseason:
+Take profits on the way up
+Always leave a moon bag
+Chose quality over quantity of projects
+Do not chase green candles
+If you achieve a life changing amount of profit, realize gains and run
+Don’t be greedy
+Hodl only works on the way up— Panama Crypto ⚡ (@Panama_TJ) May 15, 2019The best advice the trader gives, is a reminder that if a “life-changing amount of profit” is ever gained, to realize profits and “run.”Related Reading | Crypto Analysts Call For the Death of Altcoins, But It Could Be a Lucrative Buy Signal Many cryptocurrency investors at the height of the last bull run saw their portfolios reach values they never dreamed of, but greed and fear of missing out caused many to miss their opportunity to realize profits, and were forced to hold through the longest bear market on record. It’s worth noting that profits are never actually profits until realized, and the crypto is cashed out into a fiat currency.